Most Asian markets fell Tuesday amid investor concerns about the intensifying debt crisis looming over the euro zone and the worsening global economic downturn.

The Chinese Shanghai Composite fell 0.38 percent or 8.16 points to 2162.58. Hong Kong's Hang Seng declined 0.29 percent or 56.66 points to 19371.43. Major losers were China Coal Energy Co Ltd (3.79 percent) and Sands China Ltd (2.01 percent).

South Korea's KOSPI Composite Index declined 0.50 percent or 9.20 points to 1826.93. Shares of Samsung Electronics Co Ltd fell 0.27 percent and those of Hyundai Motor Co declined 1.09 percent.

Japan's Nikkei Stock Average rose 0.27 percent or 23.68 points to 8920.56. Among major losers were Nikon Corp (6.25 percent), Komatsu Ltd (2.66 percent) and Toyota Motor Corp (1.43 percent).

India's BSE Sensex rose 0.34 percent or 59.45 points to 17451.43. Major gainers were Apollo Tyres (2.09 percent), HDIL (1.69 percent) and Coal India Ltd (0.96 percent).

China's trade surplus rose in June compared to the same month last year with the weakening of imports. Data released by the General Administration of Customs of the People's Republic of China Tuesday show trade surplus rose to $31.73 billion in June up 42.9 percent compared to the the same month last year. Imports rose 6.3 percent in June from last earlier, down from the 12.7 percent increase in May. Exports rose 11.3 percent in June from a year earlier, down from 15.3 percent increase in May.

The debt crisis looming over the euro zone continues to worry market players. Though the threat of an imminent Greek departure from the euro zone and accompanying sovereign default has receded, the spotlight has shifted to Spain.

Investors feel that the major recapitalization of Spain's banking sector that has already been agreed to is likely to be the tip of the iceberg. So far EU policymakers' attempts to calm the markets have failed.

Ten-year government bond yields in Spain are higher now than they were before the recent EU Summit. There is also the fear of the contagion spreading to Italy. Ten-year government bond yields in Italy have also risen sharply.